With Cantor "leading the opposition to any deal that includes higher taxes" in the debt ceiling fight, it "represents a major coup for sectors of the investment community that Cantor has been striving to assist for years," according to the Washington Post.
When Cantor abandoned debt talks with Vice President Biden earlier in July, one of the main reasons was because Cantor didn't want to budge on hedge fund and private equity proposals, much to the joy of money managers around the country.
Cantor is a huge beneficiary of donations from Wall Street, attracting about $2 million from hedge fund, private equity, real estate and securities firms in 2010 alone.
According to the Post,
Among the White House’s top demands for new revenue are changes in the tax code affecting hedge funds, private equity firms and real estate partnerships, which would raise an estimated $20 billion over 10 years.
For the past four years, Cantor has taken the lead in the House on fighting the same changes. He also has been one of the top recipients of contributions from those industries — last year, his two fundraising committees took in nearly $2 million from securities and investment firms and real estate companies, more than double the figure for Boehner.
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